Newsletter 16th may

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Newsletter 16th may

  1. 1. PGC NEWSLETTER 6th May 2014 1 PGC NEWSLETTER 6th May 2014 THOUGHT OF THE DAY “LIFE IS A PURE FLAME, AND WE LIVE BY AN INVISIBLE SUN WITHIN US”. ECONOMIC NEWS • The Reserve Bank, SEBI and the Finance Ministry have drawn up a contingency plan to deal with any excessive market volatility when results of the general elections are declared today. • Two marquee private equity firms Apollo Global Management and home grown ICICI Venture, has managed to convince large international investors, including 5 sovereign and an equal number of pedigreed US pension funds, to take one of their biggest contrarian bets on India. SEBI/COMPANIES UPDATES • CIR/MRD/DP/15/2014Risk management framework for Foreign Portfolio Investors (FPI) under the SEBI (Foreign Portfolio Investors) Regulations, 2014 • The department of industrial policy and promotion (DIPP) will push for foreign direct investment (FDI) in e-commerce with the new government as part of its strategy to give an impetus to manufacturing. • ONGC has alleged that Reliance Industries may have drawn natural gas worth thousands of crores of rupees from a common reservoir in the KG-D6 block, and taken the matter to the Delhi High Court, accusing the oil ministry and its technical arm of turning a blind eye to the issue • Novartis won a seven-month reprieve from generic competition to its blockbuster leukemia drug Gleevec after reaching a settlement on Thursday with Sun Pharmaceutical Industries Ltd. RBI / TAX LAW UPDATES • RBI/2013-14/591 issues notification regarding Treatment of RIDF and certain other funds under priority sector. • RBI/2013-14/592 issues notification regarding Levy of Penal Charges on Non-Maintenance of Minimum Balances in Inoperative Accounts. MARKET UPDATES SENSEX 24,840.75 935.15 CNX NIFTY 7,392.90 269.75 DOLLAR/ RUPEE 58.68 -0.61 MCX SILVER 41264.00 -1.11 MCX GOLD 28093.00 -1.12 MCX CRUDE OIL 5986.00 -0.84 Dow Jones Industrial average 16,447 -167 Nasdaq Composite 4,069 -32

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